Latest news with #Purdue
Yahoo
31 minutes ago
- Business
- Yahoo
Purdue Pharma L.P. Receives Court Approval of Disclosure Statement Filed in Connection with its Plan of Reorganization
Plan to deliver more than $7.4 billion of creditor distributions Company to begin creditor vote solicitation process; voting deadline set for September 30, 2025 STAMFORD, Conn., June 20, 2025--(BUSINESS WIRE)--Purdue Pharma L.P. ("Purdue") today announced that the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") approved the Company's disclosure statement for its Chapter 11 Plan of Reorganization. The disclosure statement provides creditors with detailed information on the terms of the Plan and will accompany the ballots that will be sent to the more than 600,000 claimants eligible to vote. The court has set a September 30 voting deadline and a November confirmation hearing. "Following the 2024 Supreme Court ruling, we doubled down on our commitment to work with our creditors to design a new Plan that delivers unprecedented value to those affected by the opioid crisis. Today's disclosure statement approval is a major milestone in that effort," said Purdue Board Chairman Steve Miller. "We and our creditors have worked tirelessly in mediation to build consensus and negotiate a settlement that will increase the total value provided to victims and communities, put billions of dollars to work on day one, and serve the public good. We sincerely thank our stakeholders for their dedication and collaboration, and we look forward to having the plan confirmed and consummated as quickly as possible." Purdue's Plan of Reorganization includes the following elements: Assuming full creditor participation, the Sacklers will make settlement payments of approximately $6.5 billion in installments over the next 15 years, subject to certain reserves. They will pay $1.5 billion on the day the Plan becomes effective. Purdue will contribute 100% of its assets, with an expected $900 million in cash available for distribution on the day of emergence. Notably, the Plan is the only opioid settlement to date that meaningfully compensates individual victims. Assuming full participation, individual victims will receive more than $850 million. In addition to this cash value, the Plan creates a new company with a public minded mission. The new company will provide millions of doses of lifesaving opioid use disorder treatment and overdose reversal medicines at no profit. The Sacklers, who exited the Board of Purdue by the end of 2018 and have had no involvement in Purdue since that time, will have no role whatsoever in the new company. Purdue Pharma L.P. will be liquidated following emergence. The Plan also provides a historic level of transparency. It creates a document repository that will make available to the public millions of documents, including privileged documents, related to Purdue's historical sales and marketing practices. The Plan does not contain third-party releases and fully complies with the Supreme Court's June 2024 decision in Harrington. The disclosure statement approved today provides the full details about the material aspects of the plan. The Plan is subject to confirmation by the Bankruptcy Court. This release is not intended as a solicitation of a vote on the Plan. About Purdue Pharma L.P. Purdue Pharma and its subsidiaries develop, manufacture and market medications to meet the evolving needs of healthcare professionals, patients, and caregivers. Purdue and its subsidiaries focus on balancing innovative science with clinically effective, compassionate care. The Company's goals are to serve patients who rely on its medicines, pursue public health initiatives intended to help abate the opioid crisis, advance its pipeline of branded and generic medications, and introduce medicines that will help save and improve lives. For more information, visit View source version on Contacts Media Contact: news@
Business Wire
an hour ago
- Business
- Business Wire
Purdue Pharma L.P. Receives Court Approval of Disclosure Statement Filed in Connection with its Plan of Reorganization
STAMFORD, Conn.--(BUSINESS WIRE)--Purdue Pharma L.P. ('Purdue') today announced that the United States Bankruptcy Court for the Southern District of New York (the 'Bankruptcy Court') approved the Company's disclosure statement for its Chapter 11 Plan of Reorganization. The disclosure statement provides creditors with detailed information on the terms of the Plan and will accompany the ballots that will be sent to the more than 600,000 claimants eligible to vote. The court has set a September 30 voting deadline and a November confirmation hearing. 'Following the 2024 Supreme Court ruling, we doubled down on our commitment to work with our creditors to design a new Plan that delivers unprecedented value to those affected by the opioid crisis. Today's disclosure statement approval is a major milestone in that effort,' said Purdue Board Chairman Steve Miller. 'We and our creditors have worked tirelessly in mediation to build consensus and negotiate a settlement that will increase the total value provided to victims and communities, put billions of dollars to work on day one, and serve the public good. We sincerely thank our stakeholders for their dedication and collaboration, and we look forward to having the plan confirmed and consummated as quickly as possible.' Purdue's Plan of Reorganization includes the following elements: Assuming full creditor participation, the Sacklers will make settlement payments of approximately $6.5 billion in installments over the next 15 years, subject to certain reserves. They will pay $1.5 billion on the day the Plan becomes effective. Purdue will contribute 100% of its assets, with an expected $900 million in cash available for distribution on the day of emergence. Notably, the Plan is the only opioid settlement to date that meaningfully compensates individual victims. Assuming full participation, individual victims will receive more than $850 million. In addition to this cash value, the Plan creates a new company with a public minded mission. The new company will provide millions of doses of lifesaving opioid use disorder treatment and overdose reversal medicines at no profit. The Sacklers, who exited the Board of Purdue by the end of 2018 and have had no involvement in Purdue since that time, will have no role whatsoever in the new company. Purdue Pharma L.P. will be liquidated following emergence. The Plan also provides a historic level of transparency. It creates a document repository that will make available to the public millions of documents, including privileged documents, related to Purdue's historical sales and marketing practices. The Plan does not contain third-party releases and fully complies with the Supreme Court's June 2024 decision in Harrington. The disclosure statement approved today provides the full details about the material aspects of the plan. The Plan is subject to confirmation by the Bankruptcy Court. This release is not intended as a solicitation of a vote on the Plan. Purdue Pharma and its subsidiaries develop, manufacture and market medications to meet the evolving needs of healthcare professionals, patients, and caregivers. Purdue and its subsidiaries focus on balancing innovative science with clinically effective, compassionate care. The Company's goals are to serve patients who rely on its medicines, pursue public health initiatives intended to help abate the opioid crisis, advance its pipeline of branded and generic medications, and introduce medicines that will help save and improve lives.
National Post
4 hours ago
- Automotive
- National Post
Canadian NBA star charged with reckless driving in Indiana
Having a bum ankle apparently didn't stop Zach Edey from putting his foot to the floor while driving earlier this week. Article content The Memphis Grizzlies centre, who was born and raised in Toronto, has been charged with reckless driving after being pulled over by police for speeding earlier this month. Article content Article content According to Fox 59, an Indiana State Trooper pulled over the 23-year-old big man, who was driving a Kia Sorento, at 7:03 p.m. and issued him a citation. Article content Edey reportedly told the officers that the only reason he was driving at that speed was because he was trying to pass another vehicle. Article content Edey appeared in a photo posted by the school on May 6 alongside several current Purdue players and other alumni. Article content Article content View this post on Instagram A post shared by Purdue Basketball (@boilerball) Article content Edey reportedly is to be due to be in Tippecanoe Superior 6 court on Monday to face the misdemeanor charge of reckless driving. Article content The 7-foot-3 Canadian is coming off a solid rookie season with Grizzlies. He was named to the NBA's all-rookie first team after notching 9.2 points and 8.3 rebounds per game over the 66 contests he appeared in and collecting 85 total blocks. Article content During his time with Purdue, Edey was a two-time NCAA player of the year and was selected ninth overall by Memphis in last year's draft. Article content However, his sophomore season likely will have a delayed start after Edey underwent surgery on his left ankle earlier this month. The big man required the procedure to repair and restabilize his ankle after spraining it again during off-season training. He also had missed 12 games early in his rookie season due to a sprained ankle. Article content
Indianapolis Star
5 hours ago
- Sport
- Indianapolis Star
7-foot-4 sophomore becomes 7th Boilermaker since 2015 to make USA Basketball Under-19 team
It's official: Daniel Jacobsen's return to the court will be with USA Basketball. The 7-foot-4 sophomore suffered a broken tibia two games into his first season with Purdue basketball. But he returned to basketball activities and had survived several cuts to represent his country as part of the FIBA Under-19 World Cup in Switzerland. Jacobsen went out to Colorado for camp, which began June 14, and was announced Friday as one of 12 players to make the team. He was ne of seven players with college experience among the 33 invited to the tryout. Jacobsen also has prior experience on that stage, helping Team USA win gold at the FIBA U18 Americup in Argentina last summer. He will continue to train at the U.S. Olympic and Paralympic training center in Colorado Springs. Competition is scheduled for June 28 to July 6 in Lausanne, Switzerland. Games will be live-streamed on the FIBA YouTube page and the first game is June 28 against Australia at 2 p.m. He debuted with 13 points, seven rebounds and three blocks in Purdue's season opener against Texas A&M Corpus Christi. Then He suffered a broken tibia one minute into the second game of the season and did not play again. Buy IndyStar's book on Purdue's 2024 Final Four run! He was cleared for full contact not long after Purdue's season ended with a Sweet 16 loss to Houston in Indianapolis. While he could not play, other aspects of his development continued. For instance, Jacobsen was listed at 230 pounds last season but has grown to 250. Jacobsen projects as half of a promising center duo with transfer Oscar Cluff. Combined with returning first team All-Big Ten starter Trey Kaufman-Renn, second-year Raleigh Burgess and veteran transfer forward Liam Murphy, Purdue's frontcourt depth has increased since the end of last season. 'His eyes lit up': Trials and tribulations have Purdue basketball freshman primed to contribute Jacobsen is the seventh Boilermaker since 2015 to make the U19 team. Kentucky, Duke and Oklahoma State are next with four each.
Chicago Tribune
8 hours ago
- Business
- Chicago Tribune
Purdue Pharma's $7B opioid settlement plan could get votes from victims and cities
OxyContin maker Purdue Pharma 's $7 billion-plus plan to settle thousands of lawsuits over the toll of opioids will go before a judge Friday, potentially setting up votes on whether to accept it for local governments, people who became addicted to the drug and other groups. This month, 49 states announced they have signed on to the the proposal. Only Oklahoma, which has a separate settlement with the company, is not involved. U.S. Bankruptcy Court Judge Sean Lane could decide as soon as Friday whether to advance the nationwide settlement, which was hammered out in negotiations between the company, groups that have sued and representatives of members of the Sackler family who own the company. If Lane moves the plan forward as it's been presented, government entities, emergency room doctors, insurers, families of children born into withdrawal from the powerful prescription painkiller, individual victims and their families and others would have until Sept. 30 to vote on whether to accept the deal. The settlement is a way to avoid trials with claims from states alone that total more than $2 trillion in damages. If approved, the settlement would be among the largest in a wave of lawsuits over the past decade as governments and others sought to hold drugmakers, wholesalers and pharmacies accountable for the opioid epidemic that started rising in the years after OxyContin hit the market in 1996. The other settlements together are worth about $50 billion, and most of the money is to be used to combat the crisis. In the early 2000s, most opioid deaths were linked to prescription drugs, including OxyContin. Since then, heroin and then illicitly produced fentanyl became the biggest killers. In some years, the class of drugs was linked to more than 80,000 deaths, but that number dropped sharply last year. Last year, the U.S. Supreme Court rejected a version of Purdue's proposed settlement. The court found it was improper to protect members of the Sackler family from lawsuits over opioids, even though they themselves were not filing for bankruptcy protection. In the new version, groups that don't opt in to the settlement would still have the right to sue members of the wealthy family whose name once adorned museum galleries around the world and programs at several prestigious U.S. universities. Under the plan, the Sackler family members would give up ownership of Purdue. They resigned from the company's board and stopped receiving distributions from its funds before the company's initial bankruptcy filing in 2019. The remaining entity would get a new name and its profits would be dedicated to battling the epidemic. Most of the money would go to state and local governments to address the nation's addiction and overdose crisis, but potentially more than $850 million would go directly to individual victims. That makes it different from the other major settlements. The payments would not begin until after a hearing, likely in November, during which Judge Lane would be asked to approve the entire plan if enough of the affected parties agree.
